Bitcoin suffered a sharp sell-off, tumbling below $75,000 for the first time in weeks as a convergence of bearish factors rattled the market. After trading above $82,000 earlier in the week, BTC dropped over 7% to hit a monthly low, with analysts pointing to a wave of institutional selling, Federal Reserve policy fears, and renewed geopolitical risk.
A wallet linked to the Trump Media Group moved more than $200 million in cryptocurrency to exchanges, likely with the intent to sell, echoing a similar dump four months ago. Billionaire investor Mark Cuban disclosed he had disposed of most of his Bitcoin holdings, saying the asset failed to act as a hedge during the recent Iran conflict and lost his confidence. On-chain data from Santiment, shared by analyst Ali Martinez, revealed that approximately $745 million worth of BTC flowed to exchanges in just five days, signaling increased selling pressure.
Adding to the downward momentum, Kevin Warsh was sworn in as the new Chair of the Federal Reserve. He has previously suggested that the Fed's balance sheet is too large and hinted at quantitative tightening, a policy that has historically hurt risk-on assets like cryptocurrencies. Meanwhile, Iran’s Foreign Ministry rejected U.S. demands to hand over highly enriched uranium, stalling peace talks and reducing Polymarket odds of a deal this month to just 10%. Tensions over the Strait of Hormuz and reports of potential U.S. military strikes heightened fears of renewed armed conflict.
Bitcoin’s break below $75,000 triggered a bearish technical pattern after failing to hold the $80,000–$82,000 resistance zone. Analysts now eye the $70,000–$72,000 range as the next downside target if sellers remain in control. On-chain indicators reinforce the gloomy outlook: the CryptoQuant Bull Score Index fell to 20 (extreme bearish territory), the Coinbase premium turned negative, and U.S. spot Bitcoin ETFs became net sellers.
